MONTHLY AVERAGE HOUSEHOLD INCOME INCREASES BY 12.4%

Ulaanbaatar, February 17, 2023 /MONTSAME/. According to the National Statistics Office of Mongolia, in January 2023, the consumer price index at the national level increased by 1.2% from the previous month and by 12.3% from the same period of the last year. It includes:

• Food and non-alcoholic beverages group - 14.0% increase in prices
• Alcoholic beverages - 8.7% increase in prices
• Clothing, cloth, and footwear group - 15.6% increase in prices.

Ten products that mainly caused the increase in consumer prices is explaining the 25.9 percent of the total inflation. It includes the price increase of bread, flour, and rice by 32.4 percent and gasoline by 15.5 percent.

Balance of Payment

In 2022, by preliminary results, the balance of payment was in deficit of USD 727.2 million and increased by USD 505.6 million compared to the previous year. In 2022, by preliminary results, the current account balance of payment was in deficit of USD 2.9 billion and increased by USD 767.3 (36.4%) million compared to the previous year.

This deficit in the current account was mainly due to the following reasons:

• Increase in the deficit of USD 263.2 million in trade in goods and
• Increase in the deficit of USD 661.6 million in the trade-in service.

Household Income and Expenditure

According to the Household Socio-Economic Survey result in the fourth quarter of 2022, the monthly average household income was MNT 1.8 million, which increased by MNT 204.1 (12.4%) thousand compared to the same period of the previous year.

In the fourth quarter of 2022, the average monthly real income (price changes adjusted) reached 1.2 million MNT, decreased by MNT 8.4 (0.7%) thousand compared to the same period of the previous year and decreased by MNT 20.4 (1.7%) thousand compared to the previous quarter.

The 0.7% decrease from the same period of the previous year mainly resulted from MNT 51.1 (15.7%) thousand decline in real income from pensions and allowances. The monthly average household monetary expenditure reached MNT 1.8 million in the fourth quarter of 2022, which increased by MNT 356.4 (25.3%) thousand compared to the same period of the previous year. The monthly average household real expenditure (price changes adjusted) in the fourth quarter of 2022 was MNT 1.2 million, increased by MNT 92.5 (8.6%) thousand compared to the same period of the previous year.

Source:https://montsame.mn/en/read/313350